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FNSACC502 Prepare Tax Documentation For Individuals, Mentor Education, Australia


Task 1: Discuss the process you followed while preparing tax documentation for individuals.

1. Determine assessable income and allowable deductions, to complete and record amounts, to identify discrepancies or any unusual features and identify accrued or prepaid income and expenditure, and record adjustments to value of assets and liabilities

2. How you calculated the client's tax obligations, in accordance with legislative requirements and what documentation you prepared

3. What you discussed with your client prior to submission to the ATO

4. How you advised the client of any current tax obligations

Answer: This report provides an insight as to what all documents were required to be prepared by individual in connection with tax report:

The expert must ensure that the Tax documentation like the bank statements any, rebates, discounts as well as the deduction provided by the preparation requirements, the paper work in connection with the individual income must be provided. Secondly, being an individual, all the category and criteria0 required must be checked as the individual new tax slab, deduction changes as well as new donations and tax rebates provided. Further, the expert has ensured that the requested documents have been clean and accustomed as well all the necessary data from the Australian Taxation officer website and the regulations followed by the Australian government. It essential to understand that all the steps followed in order to calculate the tax computation and analysis deals with the ensuring that the proper steps have been taken by the client as will as the tax prepare to provide that the data prepared in accordance with the details and information provided by the government regulation and the role provided by the statutory requirements. Further, it provides an assurance that the tax reports prepared are in relation to the legislative requirements, on the more all the necessary documents like the PAY AS GO statement, Mediclaim statement, salary estimations, rental income other expense in correlation with the individuals salaries(Daley& Coates, 2015). Thus, in fact all the necessary documents and the records were properly accustomed and so has the step by step audit process of ensuring that there is no typing error no mis presentation of the data fee dead in the books of accounts. The specialist advice in connection to tax slabs as well as the individual requirement to invest in proper places has been taken an a serious recommendation so that the tax is minimized as well as the process on the lodging return is properly processed. The client was intimated checked the returns and the tax compliances , it was also provided with the fact that the return that the return is drafted as per the compliances formulated according to the ATO and the tax authorities. Further, it is clearly intimated to the client that the tax preparation is done as per norms and compliances in case of any defaults or assessment, the reason will be as per the erroneous data to be provided by the client. According to the return status the client has been made assured that the maximum tax saving has been done and rest apart the tax needs to be paid in order to avoid any penalty. On the more there is a set standards to explain as to how the documents and the return needs to be submitted. Therefore, to avoid any confusion as well as rejecting of the return(Cao, Hosking,Kouparitsas, Mullaly,Rimmer, Shi,Stark, and Wende, 2015. The process must be followed to lodge a return is set and therefore, the proper framework and the good management practice must be followed in a strict manner to ensure that the correct form in an electronic manner.

The document required in tax return can be expressed as follows:-

1) tax file number

2) Paper Filled with personal details

3) Details through which electronic funding will be done.

4) completed income tests items IT1 to IT8

5) Complete list of tax paid till date, tax deducted till date , tax provided till date.

6) Previous year Tax Returns

7) Taxpayers Declaration form

8) Compeleted form details of A1 and A4

9) Challans of tax proof

10) Profit and loss statement

11) Saving Statements

12) Eligible for any Rebate or Deduction

Task 2: 1. Identify and explain ethical considerations and legislative requirements relevant to the preparation of tax documentation for individual taxpayers, including:

Answer: The ethical consideration in connection of tax preparation primarily deals with an aspect where the person or the professional preparing the tax statements is an independent party. It is essential to established that such an expert is mainly a person who is un biased in nature and prepares return purely for the purpose to ensure that the regulation compliances are met as per the rules and regulations defined by the government and the regulatory authority. Further, it is professional code of conduct and it must be processed like an level of an competency where the expert must be professional accomplished prepare such returns as well as shares a level of independence to present their views in a corrective manner.

a. Conflict of interest

Answer: In terms with the conflict of interest:

- It will ensure that the tax payer directly or indirectly does not influenced the tax return

- It will has to ensure that tax preparer is not influenced by third party

- It must not have any financial or any other hidden benefit.

b. Responsibilities of tax agents including Code of Professional Conduct obligations under the Tax Agent Services Act (TASA) and Tax Agent Services Regulations (TASR)

Answer: In terms with the responsibility of a tax agent: -

- Confidentiality must not be shared in terms with data and

- Tax services provided must be without any unbiased feeling and netural concept

- Tax expertise provided must be correct and according to the law and regulation provided by the Australian tax law.


2. Identify and explain the following key elements of Australian tax law as it relates to tax documentation for individual taxpayers:

a. The rules and principles of Australian tax law including an understanding of the legal environment in which these principles operate, basics of the legal system, constitutional considerations and separation of powers

Answer: Australian tax law can be properly explained and understood through the Australian constitution to impose laws and process in connection with the taxation powers. The main principle is the DTAA System which ensures that where the income or expenses is incurred in connection with two countries then the treaty defines with prospects of assuring that the income is not tax taxed in both countries and nor the expense are deducted twice so that the both parties benefit the government as well as the individual.

b. Key aspects of the income tax law covering concepts of:

i. Residence and source

ii. Related elements of international tax

iii. Assessable income

iv. Deductions (including general, specific and decline in value)

v. Tax rebates and offsets

vi. Tax accounting

vii. Income test definitions that include reportable superannuation and fringe benefits tax (FBT)

Answer: The key aspects which are related to the income tax law is that the values must be achieved through business transaction which are legal and made as per tax compliances, other is the fact that the documentation is correct and properly scrutinized to ensure that the computation is correct. To explain the concept further,

Residence and source - It defines two aspect one the place from which the income is generated and the other being the factor from whether this is a domestic source or the international source. The same can be defined by the residential status shred by the tax payer. Thus, accordingly tax can be defined.

Assessable income - Income on which the tax needs to be calculated and tax needs to be computed.

Deduction - Eligible reduction in expenses which are allowed by the tax laws.

Tax rebates and offset - Universal rebates provided all the tax payers eligible under certain tax limits.

Tax accounting - structure of accounting methods focused on taxes rather than the appearance of public financial statements.

c. Key aspects of relevant principles and application of the capital gains tax (CGT), FBT and termination payment rules for individual taxpayers

Answer: In context to the (CGT), FBT and termination payment rules main aspect is to provided is that the tax rate is correct and properly taken and the category in which calculated is correct.

d. Basic concept of goods and services tax (GST)

Answer: The tax rate is correct and properly taken and the category in which it is calculated is also correct.

e. Administrative aspects of the taxes identified above including documentation, tax collection and withholding mechanisms, assessments, obligations, rulings, penalties and audits

Answer: Professional code of conduct must be followed and the four key features must be established which are independence, competency, ethical standards as well as the professional code of conduct.

f. Specific and general anti-avoidance tax rules for individual

Answer: The government must ensure that the rule must be followed as per the GAAR and the main eight rules factors re considered and the dominant purpose further, the Australian tax amendment and the tax avoidance must be strictly followed and checked at all levels.

3. Describe the key features of organisational policy and procedures relating to the preparation of tax documentation for individual taxpayers.

Answer: Key features of organisational policy must be that each element which are entered in a tax preparation must have an appropriate format of working and documentation proof. It must ensure that the policy and the process are as per the rules and the regulations provided by the Australian taxation officer. Adding further, it must be checked twice as to the fact that the details provided and the tax computed are correct and no mis printing is provided. On the more, withhold tax good and service tax and various other taxation policy are correctly followed and stated in the return.

4. Outline the key accounting principles and practices relevant to the preparation of tax documentation for individual taxpayers.

Answer: Accounting principles and practices which must be appropriately formed and developed must be in connection with the Australian Accounting Standards of Boards as well as the Auditing and Assurance Standards of board, the other compliances which must be followed are the Australian Securities and Investments and Commission , Rules and Process established by the CPA Australia as well as the Australian Taxation officer along with the proper coordination between International Accounting Standards of Boards and the process followed must be correctly accustomed in the same.

To detail the further, the following principles will be as follows: -

Time Period Assumption - It ensures to manage the concept of the report and the ongoing procedures and practices which deal with the aspect of time differences and various concerns which leads to imperative element.

Monetary Unit Assumption - This is a basic accounting aspect which leads to a process which ensures that the transactions value must be accounted with the exchange value as well to ensure that the money value can be correctly and estimated and the income for tax can be accumulated appropriately.

Revenue Recognition Principle - It explains when the revenue must be recognizedin the book of accounts so that it can be claimed under tax compliances and tax computation.


Short Answer Questions

Question 1: There are a range of sources of information regarding the personal income tax of a client. What are three of these?

Answer: The three range of sources

Assessable Income - This is the income which is considered as a taxable income which is to be used to calculate of tax

Exempt - Where the income which cannot be taxed under income tax

Taxable - Where the income can be taxed under income tax

In connection to

Income - It will be salaries documents as well any rental receipts

Exemption - Tax Allowances Receipts and the deduction allowance certificates

Taxable - It can be certificate of PAY as you go.

Question 2: What are the different types of changes that may apply tax year processing activities?

Answer: The changes applied on the tax year processing activities are as follow: -

1) Bad debt adjustment Calculation

2) Changes in the purpose of creditable

3) Apportionment adjustments

4) Party payments from the third

5) Taxable sales value

6) Purchases for the trade transactions

7) Taxation for the Good Service Tax process

(Woellner,Barkoczy, Murphy, Evans, and Pinto, 2016)

3. List four amounts that may need to be completed and recorded on an individual's tax return.

Answer: Four amounts which need to be complete in the personal tax return is the Salary income earned by the individual, the other is the deductions which are necessary, the third is the tax computation which is payable by the individual. The last one is the any rebates taken by the individual.

4. What might cause descrepencies in taxation documentation?

Answer: The discrepancies can be in connection with tax computation and analysis, it will be also in terms of data feed, the other option can be in connection with the documents attached and the last one is the records value which can be typed in correctly or missed to put write.

5. What is the process for determining the amount of income tax your client is required to pay?

Answer: The process is that the individual tax return must be prepared, checked and computed correctly, the income, expense and the deductions must be computed correctly. Then the individual tax return must be prepared and entered into a tax return where the individual tax return must be prepared. Thus, correct tax must be computed and stated to the client in correct format.

6. What are some of the available benefits and allowances that can be claimed?

Answer: The available benefits and allowances that can be claimed is in connection with the Fringe Benefit Expense, withholding allowances, various travel allowances, employer expenses, and the various super obligations especially with the paying and tax exemptions and benefits are also a great option and can be claimed as great benefit.

7. Where can you obtain specialist advice?

Answer: The Specialist advice can be obtained from the taxation experts as well as the professional accountant who are dealing in preparing the accounts, further, the specialist will lead to company top managements or an individual which is a professional in himself. On the more, any expert in the field of tax is an up for an advice.


8. What is the process for making a statutory declaration?

Answer: A process of making a statutory declaration is to ensure that the individual prepare the requested statement in a written and notarized manner. It ensures that the law of the country provides aregistered manner and is appropriately witnessed. It acts like a legal proof and the evidence of regulation prospects. Further, it acts like an legal proofunder various common wealth nations. As a matter of fact the Statutory declarations got recently changed in the year September 2018 which includes new occupants to widen the whole category.

9. Who can charge fees for preparing a tax return on behalf of another person?

Answer: Any tax agent who is preferably qualified or eligible to performing work under the professional code of conduct is liable to claim for the fees for which the tax return is filed by the individual. In Simple words any person who has computed the return can seek for the fees for the same.

10. What steps may the ATO take when errors are found?

Answer: The ATO may take steps in connection with the three aspects one being the validation warnings, the other being the validation errors, and the other option may also include the aspect of submitting the files again and in a proper and a designated manner. Thus, Atom follows a systematic process as stated by the government rules.

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